ISIS, ISIS Baby! FREE $$$

Now that we are all back from Spring Break, and I am going to guess a bit more light in the wallet, I figured I would reward you with some FREE spending money!  (Admit it, the word 'FREE' just made your brain glitch a bit, huh?)

College students tend to be early adopters when it comes to technology and I rarely meet one without a smartphone.  Have you heard about mobile wallets?  ISIS mobile wallet is an app that utilizes a secure NFC card in your device to pay for goods and services.  Right now, when you download the app and activate the American Express Serve account within the app, American Express provides you with $40 on the mobile card just to try it out.  It is a prepaid mobile credit card so there is no minimum expectations on your credit score and it is backed by American Express.  Your waiting for the "catch," right?  Yep.  Everyone I explain it to gives me the what-kind-of-scheme-are-you-trying-to-pull look.  I am stumped, I CAN'T FIND THE TRICK! 

This concept goes against everything we have ever been taught!  There is no such thing as a free lunch, right?  Where is the gimmick? 

There is no monthly fee, no transaction charges, no obligation AND it comes with extra promotions like $1 back on every purchase of $1 or more (BTW, I use it to get a $1 coffee or tea at McDonald's almost daily and get that $1 back on my card ---FREE BEVERAGES!!!) or 20% back on purchases.  Some businesses are even offering and additional incentive to use it at their location (ex. $10 back at Verizon Wireless and 3 FREE cokes from ISIS-enabled vending machines).

Jimmy Kimmel skit advertising ISIS mobile wallet

and their FREE Jamba Juice promotion.

So I am at a loss.  What kind of marketing plan is this?  How in the world could they be profitable/what is in it for them?  Who is actually footing the bill for the funds they are giving away?  The app developers and backers (i.e AT&T, Verizon and T-Mobile) or the credit card vendors (i.e AMEX, VISA, MC)?  I would love to hear your thoughts.

From a former savings-addict to you,
Enjoy your newly found spending money!

The 'FREE' Mindfreak

Have you ever watched an Extreme Couponing episode?  I remember seeing one years ago and thinking "Why can't I do that?"  These women have grocery stores in their homes!  Did I mention I have kind of an unhealthy relationship with food too?  If my cupboards get low, I get anxious.  Yeah, I should probably see a therapist about that....



Not me  : (

Anyways....before I came back to college I tried it.  I signed up for coupon blogs, had my husband build extra shelves in the coat closet, and even had my in-laws send me all their "big city" newspaper coupons every week.  I promised my family that I would not allow myself to get crazy and buy things we didn't actually need.

Fast forward 2-3 years later:  Among other things, my family has an everlasting supply of shampoo, deodorant, toothpaste, and razors.  I still have boxes of panko breading that I got for 'FREE' and I can't even remember EVER breading anything in my life. 

The book by Dan Ariely, Predictably Irrational, has an entire chapter that highlights the "cost" of paying nothing.  He pinpoints that "Zero is an emotional hot button - a source of irrational excitement."  PREACH.  I had a rational plan but still came home with baskets full of 'Zero'.  Over and over again.

Well, I have been Coupon Sober for 2 years now and keep my cupboards full with Costco goodness.  Besides, couponing takes A LOT of time and with college, a career, and a family...Ain't nobody got time for that.

YouTube Classic

Nudged into Frustration

While reading the book Nudge: Improving Decisions About Health, Wealth, and Happiness by Richard Thaler, I found myself thinking "I totally fell for that!" over and over.  On campus, I am reminded of one example in the book every day.  I, apparently, cannot be trained and am tricked by this failure of architecture on the third floor of our very own Library.

Please tell me I am not alone!  Why not label BOTH sides of the doors?  Thaler agrees, putting a handle on a door that is meant to be "pushed" goes against the basic principles of human psychology!

After I have spent hours increasing my skill set and confidence in whatever subject I am studying, I yank on that door as I attempt to leave and my ego hits the floor.  The shame!






Speaking of confusing our Automatic System, I am sure you have seen the sign in the window at one of Bozeman's favorite burger spots.  Burger Bobs!

It does make you look twice.  Interesting marketing choice....